Romanian UiPath raised around $120M at $1Billion valuation

UiPath, a startup that builds ‘software robots’ for enterprises to help automate legacy and back-office functions, has raised funding of around $120 million — a round that will catapult it to a valuation of over $1 billion, according to TechCrunch.

UiPath is a startup that uses computer-vision to automate repetitive business processes involving software. So far, this is the largest funding that a Romanian technology startup has had access to.

UiPath counts about 200 large enterprises among its customers, including Lufthansa, Generali, Telenor and Dong Energy, and more widely works with companies in a number of verticals: banking and financial services; insurance; manufacturing; utilities; healthcare and government. About 30 percent of its customers are in the US, with another 40 percent in Europe and 30 percent in Asia.

UiPath, founded in Bucharest, Romania but now headquartered in New York, was started in 2015 by two Romanian entrepreneurs, Daniel Dines and Marius Tirca.

Built for both business and IT, UiPath is the leading platform for Enterprise Robotic Process Automation (RPA). The company is at the forefront of the digital business revolution, achieving nearly 800 percent revenue growth in 2017. UiPath combines an easy-to-use automation design capability with breakthrough computer vision technology, security and scalability to enable the rapid development and deployment of software robots (digital workers) that dramatically improve business productivity, compliance and customer service, across both back-office and front-office operations.

Headquartered in New York City, UiPath maintains offices in France, India, Japan, Romania, Singapore and the United Kingdom with an employee base over 500 people.